Bullish or bearish for Ethena’s ENA?
Tether is launching a new “GENIUS Act–compliant” stablecoin for the U.S. market.
It’s a major move and one that brings Tether a step closer to regulatory alignment under the new law.
But here’s what’s interesting: instead of tweaking the existing USDT, they’re rolling out a separate token entirely.
Why the split?
Some think it’s about reserve transparency and audit structures. These requirements are already baked into Ethena’s USDtb, which didn’t need to change a thing.
Ethena’s model is already built for compliance: on-chain reserves, delta-neutral mechanics, and regular attestations.
Tether’s GENIUS version will emphasise regulatory adherence, customer protection, and market stability.
Could this level the playing field, or change it completely?
Curious to hear your take.👇
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